Slide 1: DEXUS Property Group 2010 annual results release and presentation
DEXUS Property Group ASX Release 18 August 2010 DEXUS Property Group 2010 annual results release and presentation For personal use only DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the following documents to the Australian Securities Exchange: • ASX
Slide 2: DEXUS announces 2010 full year result
DEXUS Property Group (ASX: DXS) ASX release 18 August 2010 DEXUS announces 2010 full year result For personal use only DEXUS Property Group today announced Funds From Operations (FFO) for the year to 30 June 2010 of $350 million and a net profit after tax attributable to security holders of $31.4 mi
Slide 3: Capital management and portfolio operational results
DEXUS Property Group (ASX: DXS) ASX release Capital management DEXUS continues to maintain a strong balance sheet with the diversification and average maturity of our funding sources further improved to 3.2 years. In September 2009, DEXUS issued debt into the US public For personal use only bond mar
Slide 4: Australian industrial
DEXUS Property Group (ASX: DXS) ASX release Australian industrial Portfolio value $1.5 billion (2009: $1.5bn) For personal use only Like for like NOI growth 1.6% (2009: 4.1%) Occupancy (by area) 98.4% (2009: 96.9%) Lease duration (by income) 4.9 years (2009: 4.3 years) Our Australian industr
Slide 5: US industrial
DEXUS Property Group (ASX: DXS) ASX release While market conditions continued to be difficult and remain challenging, we have recently experienced an increase in tenant enquiry and activity. More than 120 new leasing deals were completed, split equally between renewals and new tenancies for approxim
Slide 6: Outlook and 2011 focus
DEXUS Property Group (ASX: DXS) ASX release Our annual employee opinion and satisfaction survey reflected improved results and out performance in key categories of the Towers Watson Australian National Norm and in several categories of the Global High Performing Norm. For personal use only Outlook a
Slide 7: 2010 Annual Results Presentation
2010 For personal use only DEXUS Property Group ANNUAL RESULTS PRESENTATION DEXUS Funds Management Limited ABN 24 060 920 783 AFSL DEXUS238163 as responsible Property Group 2010 entity for Results Annual DEXUS Property Group— Slide 1 Presentation
Slide 8: DEXUS 2010 Financial Year Results
DEXUS 2010 FINANCIAL YEAR RESULTS For personal use only Overview Financial performance Office portfolio Industrial portfolio US portfolio Outlook DEXUS Property Group 2010 Annual Results Presentation — Slide 2
Slide 9: Key Financial Outcomes
KEY FINANCIAL OUTCOMES For personal use only Results in line with guidance June 2010 FFO $350m 7.3c1 Distribution 5.1c Operating EBIT $461.3m NTA per security stable2 $0.95 Key portfolio metrics Occupancy (by area) 89.9% WALE (by income) 5.1yrs Like-for-like growth (2.3%) 309-321 Kent
Slide 10: Achievements
ACHIEVEMENTS For personal use only Office Above benchmark occupancy and like-for-like growth Two six star premium developments Australian industrial Increased occupancy and like-for-like growth Repositioned $70m to key markets — improved returns Development pipeline progressing well US ind
Slide 11: Market Conditions & Opportunities
MARKET CONDITIONS & OPPORTUNITIES For personal use only Property prices near cyclical lows and markets improving — Office: demand starting to recover, limited supply — Industrial: — AU: industrial demand improving, limited supply — US: industrial market challenging but improving Opportunities —
Slide 12: Restructure
RESTRUCTURE To support areas of focus For personal use only Re-align our executive structure with our areas of focus DEXUS Property Group 2010 Annual Results Presentation — Slide 6
Slide 13: Financial Performance
FINANCIAL PERFORMANCE For personal use only Craig Mitchell Chief Financial Officer DEXUS Property Group 2010 Annual Results Presentation — Slide 7
Slide 14: Financial Results
FINANCIAL RESULTS At a glance For personal use only June 2009 June 2010 Operating EBIT ($m) 514.5 461.3 Net (loss)/profit after tax to security holders1 ($m) (1,459.1) 31.4 Funds from operations ($m) 423.8 350.0 Funds from operations per security (cps) 10.43c 7.30c Distribution per security (cps) 7.
Slide 15: Core Operating Metrics
CORE OPERATING METRICS For personal use only June 2009 June 2010 $’m $’m Office — Aust/NZ 246.8 245.1 Industrial — Aust 109.2 109.9 Industrial — US1 132.9 118.1 Non core1,2 39.2 33.0 Currency impact on NOI — (21.7) Management EBIT 21.0 6.1 Other (34.5) (29.2) Operating EBIT 514.5 461.3 Finance costs
Slide 16: Valuations
VALUATIONS For personal use only Investment properties — 1HY10 devaluation $(286) million — 2HY10 revaluation $50 million Cap rates remain stable NTA remains stable: $0.95 Investment Portfolio1 Cap rate Valuation property movement $m Office 56% 7.6% (13) AU industrial 21% 8.8% (13) US industri
Slide 17: Capital Management
CAPITAL MANAGEMENT For personal use only Gearing 29.8%1 Undrawn facilities2 $1.2 billion — Undrawn costs still below current market $700 million of refinanced debt since July 2009 — Transacted in capital markets increasing diversity: 144a and MTN issues — Average maturity >5 years for new debt
Slide 18: Third Party Funds Management
THIRD PARTY FUNDS MANAGEMENT Focus on wholesale investors For personal use only DEXUS Wholesale Property Fund (DWPF) $2.9bn Pre-eminent prime domestic diversified fund (>50 investors) Gearing 19.7% and S&P rating ‘A’ $400m of new equity applied to transfers Out-performance in FY10: 6.53% vs
Slide 19: Office Portfolio
OFFICE PORTFOLIO For personal use only Louise Martin Head of Office DEXUS Property Group 2010 Annual Results Presentation — Slide 13
Slide 20: Office: Achievements
OFFICE Achievements For personal use only Significant leasing success in a challenging market — High occupancy: 96% well above benchmark — WALE stable at a high 5.4 years Benefits of internalisation delivered — Reduced operational costs through re-tendering — Improved tenant satisfaction — Impro
Slide 21: Office: FY 2010 market
OFFICE FY 2010 market For personal use only Enquiry levels weakened in 2010 with fall in business confidence Positive net absorption over the year Vacancy close to peaking in most markets Tenant incentives to fall as vacancy peaks and begins to decline Sydney CBD effective rents stabilisin
Slide 22: Office: Sound portfolio fundamentals
OFFICE Sound portfolio fundamentals – high quality portfolio and management For personal use only Stable income — Stable net operating income of $245m — Like-for-like 0.4% Leasing success in challenging environment — Occupancy: 96% above benchmark in all markets — Tenant retention: 56%1 reflecti
Slide 23: Office: Leasing outcomes driving growth in FY11
OFFICE Leasing outcomes driving growth in FY11 For personal use only FY10 Number of leases1 104 Area leased 73,979sqm Average fixed increases 3.5% Average rental increase2 6.1% Average tenant incentive3 20.5% Leasing (new and renewals) 6.1% increase Average fixed increase 3.5%-4.0% Current vacan
Slide 24: Office: Sustainability achievements
OFFICE Sustainability achievements For personal use only 6 star Green Star ratings obtained for 123 Albert and 1 Bligh Street $3m grants from Green Building Fund Ongoing improvements in resource efficiency NABERS energy and water ratings: 3.3 stars 4.5 Star improvement program: future proo
Slide 25: Office: Development update
OFFICE Development update For personal use only 123 Albert Street, Brisbane — 38,000sqm — Completion January 2011 — 80% of office leased or committed — 5 floors to lease, proposals out on remaining space — Forecast yield of 6.8% (fully leased) 1 Bligh Street, Sydney — 43,000sqm — Completion May
Slide 26: Office: 2011 outlook
OFFICE 2011 outlook For personal use only Leasing market patchy in short term due to impact of global risks on confidence Stronger demand levels forecast from 2011 Supply gap 2011-2013 Incentives expected to trend lower Stronger effective rent growth expected in most markets DEXUS well p
Slide 27: Industrial Portfolio
INDUSTRIAL PORTFOLIO For personal use only Andrew Whiteside Head of Industrial DEXUS Property Group 2010 Annual Results Presentation — Slide 21
Slide 28: Industrial: Achievements
INDUSTRIAL Achievements For personal use only Active year capturing value with: — Improved returns and increased allocation to preferred markets: — Dispositions1: $69m at 7.6% — Acquisitions: $71m at 9.5% — Pre-committed developments: $96m Relative out performance in operating metrics — Over 300
Slide 29: Industrial: FY 2010 market
INDUSTRIAL FY 2010 market For personal use only Rents and vacancy more stable than expected Patchy industrial demand, offset by sharp decrease in supply Recent signs of market improvement and emergence of two-tiered market — Quality assets outperformed secondary reflected in both occupancy and
Slide 30: Industrial: Strong portfolio fundamentals
INDUSTRIAL Strong portfolio fundamentals For personal use only Consistent income growth with stable income profile — Net operating income up 0.6% to $110m — Like for like income growth 1.6% — Effective rents still above market Strong passing yield with built-in growth — Occupancy increased 1.5%
Slide 31: Industrial: Leasing
INDUSTRIAL Leasing For personal use only FY2010 strong performance Number of leases1 79 Area leased 186,922sqm Leased 16% of portfolio Average rental change2 (3.8%) 56% were leases over 5 years Average tenant incentive3 6.1% Average fixed increase 3.0%–3.5% 32% contribution from pre-leasing (i
Slide 32: Focus on redeploying capital in key markets in Sydney
INDUSTRIAL Focus on redeploying capital in key markets in Sydney For personal use only DEXUS Property Group 2010 Annual Results Presentation — Slide 26
Slide 33: Industrial: Development activity: Laverton
INDUSTRIAL Development activity: Laverton For personal use only DEXUS Property Group 2010 Annual Results Presentation — Slide 27
Slide 34: Industrial: Development activity: Greystanes
INDUSTRIAL Development activity: Greystanes For personal use only DEXUS Property Group 2010 Annual Results Presentation — Slide 28
Slide 35: Industrial: 2011 Outlook
INDUSTRIAL 2011 Outlook For personal use only Demand drivers improving Limited supply and availability of prime space Rent growth driven by economic growth and increasing development costs DEXUS is well positioned to capture value through the cycle Source: Jones Lang LaSalle, Sydney Ports an
Slide 36: US Industrial Portfolio
US INDUSTRIAL For personal use only PORTFOLIO Paul Say Chief Investment Officer DEXUS Property Group 2010 Annual Results Presentation — Slide 30
Slide 37: US Industrial: Achievements
US INDUSTRIAL Achievements For personal use only Building local capability — Established office in Newport, CA — Expanded team to 12 property professionals — Managing west coast and Whirlpool portfolio Momentum in leasing & sales transactions — Assets sales US$208m — Leased 4.3m sf: 15% of the p
Slide 38: US Industrial: FY 2010 market
US INDUSTRIAL FY 2010 market For personal use only Markets oversupplied as a result of sustained period of negative absorption Market occupancy now at 86% Inventories and port activity up Investment demand responding to brighter outlook Source: RREEF Research, DEXUS Research, CBRE Econometri
Slide 39: US Industrial: Portfolio fundamentals reached cyclical lows
US INDUSTRIAL Portfolio fundamentals reached cyclical lows For personal use only 12 month total return above benchmark Net operating income: US$87m — Like-for-like down by 12% Strong new leasing result matches lower retention — Portfolio occupancy 86% (by area) — Tenant retention 55% Portfol
Slide 40: US Industrial: Difficult leasing conditions
US INDUSTRIAL Difficult leasing conditions For personal use only FY2010 Number of leases1 120 Area leased 4.3m sf Enquiry rates improved but not enough Average rental movement (11.6%) to drive rents Average tenant incentive2 11% Average fixed increase 2%–3% 4.3m sf of leasing in 120 deals Curren
Slide 41: Repositioning portfolio and expanding management
US INDUSTRIAL Repositioning portfolio and expanding management For personal use only Orderly transition of portfolio management responsibilities — DEXUS US team established — $600m under direct management — West coast assets ‘in house’ December 2010 Disciplined approach to transactions — Acquisi
Slide 42: US Industrial: Outlook
US INDUSTRIAL Outlook For personal use only Net absorption: forecast to improve with economy 2011-2013 — Export-led and corporate earning growth Transaction markets opening up Recovery slow and patchy but double-dip unlikely — Portfolio stabilising through FY11 — Earnings growth FY12 Source: R
Slide 43: Investment Portfolio 2011 Focus
INVESTMENT PORTFOLIO For personal use only 2011 FOCUS DEXUS Property Group 2010 Annual Results Presentation — Slide 37
Slide 44: Portfolio Focus
PORTFOLIO FOCUS For personal use only Australian office — core growth Enhance office portfolio quality Consolidate Sydney/Melbourne bias Deliver existing, identify new developments Australian industrial — value creation Capture demand at Greystanes and Laverton Selective countercyclical ac
Slide 45: Outlook
OUTLOOK For personal use only Victor Hoog Antink Chief Executive Officer DEXUS Property Group 2010 Annual Results Presentation — Slide 39
Slide 46: 2011 Outlook and Guidance
2011 OUTLOOK AND GUIDANCE For personal use only Outlook — Office: increasing like-for-like growth — Industrial: consistent like-for-like growth — US industrial: stabilising — Interest margins: increasing — Valuations: improving Guidance1 — FFO per security: at least 7.3 cents — Distribution per
Slide 47: 2010 Annual Results Presentation
2010 For personal use only DEXUS Property Group ANNUAL RESULTS PRESENTATION DEXUS Funds Management Limited ABN 24 060 920 783 AFSL DEXUS238163 as responsible Property Group 2010 entity for Results Annual DEXUS Property Group— Slide 41 Presentation
Slide 48: 2010 Annual Results Appendices
2010 For personal use only DEXUS Property Group ANNUAL RESULTS APPENDICES DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group
Slide 49: Index
INDEX For personal use only Statement of financial position 44 Net asset value composition 45 Income statement reconciliations 46-47 Valuations 48-49 FX rates 50 Key financial risk management measures 51 Debt profile 52-54 Hedging 55-56 Acquisitions 57 Disposals 58 Developments 59-60 Portfolio compo
Slide 50: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION For personal use only June 2009 June 2010 $’m $’m Cash & receivables 121 89 Direct property portfolio 7,736 7,307 Other (including derivative financial instruments & intangibles) 494 475 Total assets 8,351 7,871 Payables & provisions 290 281 Interest bearing liabiliti
Slide 51: Net Asset Value Composition
NET ASSET VALUE COMPOSITION For personal use only Property devaluations of $236 million or 5 cents of NTA DEXUS Property Group 2010 Annual Results Appendices — Slide 45
Slide 52: Interest Reconciliation
INTEREST RECONCILIATION For personal use only Jun 2010 $’m $’m Interest paid/payable 119.5 Other finance costs 5.2 Realised interest rate swap expense1 44.1 Total interest expense 168.8 Less: interest capitalised (41.4) Less: interest income (1.5) Net finance costs for distributable earnings 125.9 A
Slide 53: Profit to Funds From Operations Reconciliation
PROFIT TO FUNDS FROM OPERATIONS RECONCILIATION For personal use only Group Property MTM Depr’n & Straight Deferred P/L on sale RENTS Current Distributable consolidated revals/ derivs amort’n line rent tax of invest capital tax & earnings Jun 10 impairm’t adjust prop dist’n other Revenue from ordinar
Slide 54: Valuation Metrics
VALUATION METRICS For personal use only Cap rate Cap rate Cap rate IRR IRR IRR Devaluation Jun 09 Jun 10 change Jun 09 Jun 10 change change1 % % Bps % % Bps % Australian office 7.7 7.6 (10) 9.0 9.2 20 (1.4%) Australian industrial 8.8 8.8 — 9.9 9.7 (20) (3.0%) US industrial2 8.2 8.4 20 9.4 8.9 (50) (
Slide 55: Revaluation Summary
REVALUATION SUMMARY For personal use only Office Industrial Retail US Europe Total $’m $’m $’m $’m $’m $’m P&L Revaluations — investment properties External valuations 6 (6) — (105) (3) (108) Internal valuations (19) (7) (14) — — (40) Sub total (13) (13) (14) (105) (3) (148) P&L revaluations — devel
Slide 56: Exchange Rates Used in Statutory Accounts
EXCHANGE RATES USED IN STATUTORY ACCOUNTS For personal use only June 2009 June 2010 USD 0.8114 0.8523 EUR 0.5751 0.6979 Closing rates for Statement of Financial Position NZD 1.2428 1.2308 CAD 0.9379 0.8976 USD 0.7348 0.8800 EUR 0.5398 0.6285 Average rates for Net Operating Income NZD 1.2257 1.2554 C
Slide 57: Key Financial Risk Management Measures
KEY FINANCIAL RISK MANAGEMENT MEASURES For personal use only June 2009 June 2010 Gearing1 31.2% 29.8% Covenant gearing1 (covenant2 <55%) 32.0% 30.4% Headroom (approx)3 $1.5bn $1.2bn Average maturity of debt 2.6 yrs4 3.2 yrs Average maturity of interest hedge 6.2 yrs 6.2 yrs Weighted average cost of
Slide 58: Debt Profile
DEBT PROFILE For personal use only Facility limit Drawn Maturity dates Security Currency A$’m A$’m Syndicated bank debt 246 — Sept 10 Unsecured Multi-ccy, US$ limit2 Bilateral bank debt 360 — Dec 10 Unsecured Multi-ccy, A$ limit1 145 — Sept 11 Unsecured Multi-ccy, A$ limit1 178 — May 12 – Jul 12 Uns
Slide 59: Facility Mix
FACILITY MIX For personal use only No off balance sheet debt (no look through adjustments) All unsecured facilities rank pari passu All secured facilities are non-recourse to DEXUS 1. US$ loans predominantly from insurance companies, secured by mortgages over property. DEXUS Property Group 201
Slide 60: Debt Balances by Jurisdiction
DEBT BALANCES BY JURISDICTION For personal use only Interest Cross Total liabilities Weighted bearing currency RENTS after cross ccy average liabilities swaps1 $’m swaps2 incl RENTS) cost of debt3 $’m $’m for hedging $’m % Australia/New Zealand A$747 A$(180) A$204 A$771 6.84% USA US$1,207 — US$1,208
Slide 61: Interest Rate Hedging Profile
INTEREST RATE HEDGING PROFILE For personal use only FY10 FY 11 FY 12 FY 13 FY 14 Avg FY154 A$’m average hedged1,3 701 718 750 642 560 254 A$ hedge rate (ex margin)2,3 4.70% 4.74% 4.91% 5.39% 5.74% 6.11% US$’m average hedged1 1,204 929 843 971 989 469 US$ hedge rate (ex margin)2 5.10% 5.49% 6.10% 5.5
Slide 62: Foreign Income Hedging & Cross Currency Swap Maturity Profile
FOREIGN INCOME HEDGING & CROSS CURRENCY SWAP MATURITY PROFILE For personal use only FY 10 FY11 FY12 FY13 FY14 Foreign income hedging profile Foreign exchange contracts (US$m)1 3.5 — 4.4 2.7 2.5 Average A$/US$ rate1 0.7165 — 0.7098 0.6657 0.6798 Foreign exchange contracts (NZ$m) 4.0 2.0 — — — Average
Slide 63: Acquisitions
ACQUISITIONS For personal use only Interest Acquisition Settlement % A$’m Australia1 2-4 Military Road, Matraville NSW2 100 46.1 Dec 2009 108 -120 Silverwater Rd, Silverwater2 100 24.4 May 2010 United States Whirlpool, Columbus, Ohio 100 80.3 July 2009 Whirlpool, Seattle, Washington 100 76.5 Oct 200
Slide 64: Disposals
DISPOSALS For personal use only No of Proceeds properties A$’m Australian office1 1 58.5 Australian industrial 5 57.3 Australian retail 1 256.5 European industrial 1 1.9 US industrial 22 220.7 Total disposals 30 594.9 1. Includes 1.6% of Bligh St to DWPF. Link to http://www.dexus.com/Investor-Centre
Slide 65: Developments Underway
DEVELOPMENTS UNDERWAY For personal use only Country Area Est total Est. cost to Est. yield Est. Sqm cost1 completion on total completion A$’m A$’m cost date % Office 123 Albert Street, Brisbane QLD Australia 38,000 365 154 6.8 Jan 2011 1 Bligh Street, Sydney NSW1 Australia 43,000 222 104 7.0 May 201
Slide 66: Developments: Uncommitted Pipeline
DEVELOPMENTS — UNCOMMITTED PIPELINE For personal use only Country Building Project Project to Projected yield area est. est. on project est. sqm A$’m completion cost A$’m % Industrial Greystanes, Western Sydney NSW1 Australia 188,581 289 189 9.0 DEXUS Industrial Estate, Laverton North VIC1 Australia
Slide 67: Portfolio Composition (Income and Lease Expiry)
PORTFOLIO COMPOSITION (INCOME AND LEASE EXPIRY) For personal use only % Total FY11 FY12 FY13 FY14 FY15+ income Australian office 51% 2% 3% 4% 8% 35% Australian industrial 20% 0% 3% 4% 3% 10% US industrial 24% 4% 3% 2% 2% 13% European industrial 4% 1% 1% 1% 1% 1% Total 100% 7% 9% 12% 13% 59% DEXUS Pr
Slide 68: Australia & New Zealand Office: Key portfolio statistics
AUSTRALIA & NEW ZEALAND OFFICE Key portfolio statistics For personal use only June 2009 June 2010 Net operating income $246.8m $245.1m NOI change 1.7% (0.7%) Like-for-like 4.5% 0.4% Occupancy (area) 97.6% 95.7% Occupancy (income) 97.6% 96.2% Over/under rented 6% under 2.4% under Retention rates1 75%
Slide 69: Australia & New Zealand Office: Portfolio diversification
AUSTRALIA & NEW ZEALAND OFFICE Portfolio diversification For personal use only Property classification by book value Geographical weighting by income Melbourne 14% A-grade 55% Premium Perth 10% 37% Sydney 66% Brisbane 5% Auckland 3% Office/ Canberra 2% B-grade business park 4% 4% DEXUS Property Grou
Slide 70: Australia & New Zealand Office: Top ten tenants
AUSTRALIA & NEW ZEALAND OFFICE Top ten tenants For personal use only Tenant S&P rating % of Diversity of tenants by income NOI1 Other 7% Insurance 2% Government 20% Woodside Energy A-Negative 8.2% Telecommunications /IT 6% S&K Car Park Management Not rated 7.2% Property/business State of NSW AAA sta
Slide 71: Australia & New Zealand Office: Lease expiry profile
AUSTRALIA & NEW ZEALAND OFFICE Lease expiry profile at 30 June 2010 For personal use only 16.7% 18% 14.8% 14.8% 16% 14.1% 13.7% 14% 11.7% 10.6% 12% 9.9% 9.8% 9.8% 9.6% 9.4% 10% 7.6% 8% 6.6% 6.5% 6.1% 5.9% 6% 4.7% 4.3% 4.2% 3.8% 4% 2.3% 1.8% 1.2% 2% 0% Vacant <1 Years <2 Years <3 Years <4 Years <5 Ye
Slide 72: Australian Industrial: Key portfolio statistics
AUSTRALIAN INDUSTRIAL Key portfolio statistics For personal use only June June 2009 2010 Net operating $109.2m $109.9m income1 NOI change 3.3% 0.6% Like-for-like 4.1% 1.6% Occupancy (area) 96.9% 98.4% Occupancy (income) 96.4% 97.9% Over/under rented 4.9% over 7.1% over Retention rates 75% 80% Lease
Slide 73: Australian Industrial: Portfolio diversification
AUSTRALIAN INDUSTRIAL Portfolio diversification For personal use only Geographical weighting by book value Property classification by income Adelaide & Brisbane 5% Distribution centres 27% Business parks 40% Melbourne 36% Sydney 59% Industrial estates 33% DEXUS Property Group 2010 Annual Results App
Slide 74: Australian Industrial: Top ten tenants
AUSTRALIAN INDUSTRIAL Top ten tenants For personal use only Australian industrial S&P rating % of Diversity of tenants by income NOI BBB+ Wesfarmers Limited 6.9% Agriculture 6% positive Wholesale trade 30% Elders Ltd BBB stable 5.8% Other 11% IBM Australia Limited A+ stable 3.2% Property & business
Slide 75: Australian Industrial: Lease expiry profile
AUSTRALIAN INDUSTRIAL Lease expiry profile at 30 June 2010 For personal use only 30% 24.5% 25% 20% 21.4% 15.3% 13.1% 12.7% 12.4% 15% 9.9% 9.8% 9.6% 8.2% 10% 6.6% 5.6% 5.1% 4.9% 4.4% 4.0% 3.9% 3.8% 3.7% 5% 2.9% 2.9% 2.1% 1.6% 0% Vacant <1 Years <2 Years <3 Years <4 Years <5 Years <6 Years <7 Years <8
Slide 76: US Industrial: Key portfolio statistics
US INDUSTRIAL Key portfolio statistics For personal use only June 2009 June 2010 Net operating income US$97.5m US$87.3m Net operating income1 A$132.8m A$99.1m NOI change (USD) (1.0%) (10.5%) Like-for-like (USD) (4.6%) (12.3%) Occupancy (area) 88.0% 86.4% Occupancy (income) 86.7% 84.3% Over rented 8.
Slide 77: US Industrial: Major tenants by income
US INDUSTRIAL Major tenants by income For personal use only US Industrial S&P rating % of NOI Whirlpool Corporation Baa3 stable 26.4% Advanced Bionics LLc Not rated 3.1% Fedex Ground Package Not rated 1.7% System US Government Aaa stable 1.7% Skechers USA, Inc Not rated 1.1% Fiesta Warehousing & Not
Slide 78: US Industrial: Lease expiry profile
US INDUSTRIAL Lease expiry profile at 30 June 2010 For personal use only 18.8% 20% 18% 15.7% 14.8% 16% 13.6% 13.4% 13.3% 13.1% 12.7% 14% 12% 9.8% 10% 8.6% 8.5% 8.5% 8.2% 7.9% 6.9% 8% 5.8% 6% 3.8% 3.7% 3.3% 3.1% 4% 1.9% 1.6% 1.6% 1.5% 2% 0% Vacant <1 Years <2 Years <3 Years <4 Years <5 Years <6 Years
Slide 79: European Industrial: Key portfolio statistics
EUROPEAN INDUSTRIAL Key portfolio statistics For personal use only June June Top 5 tenants % of NOI 2009 2010 Net operating income1 €12.5m €10.6m EDEKA Handelsgellschaft Südwest 22.0% GmbH Net operating income1 A$23.1m A$16.9m Solideal Deutschland GmbH 11.1% Like for like income (6.4%) (13.6%) growt
Slide 80: European Industrial: Lease expiry profile
EUROPEAN INDUSTRIAL Lease expiry profile at 30 June 2010 For personal use only 30% 27.1% 25.7% 23.5% 25% 21.9% 20.7% 20% 17.2% 13.6% 12.5% 15% 11.2% 10.2% 10% 4.9% 4.7% 3.7% 3.1% 5% 0.1% 0.1% 0% Vacant <1 Years <2 Years <3 Years <4 Years <5 Years <6 Years <7 Years Expiry By Income Expiry By Area DEX
Slide 81: Glossary
GLOSSARY For personal use only Constant currency: Items shown at Constant currency for Jun 10 have been restated using the Jun 09 average FX rates for comparative purposes. Distribution adjustments: Includes all distribution adjustments except for revaluations and impairments, unrealised MTM of
Slide 82: Important Information
IMPORTANT INFORMATION For personal use only
Slide 83: Important Information
IMPORTANT INFORMATION For personal use only This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX:DXS). It is not an offer of securities for subscription or sale and is not financial product advice. Information in
Slide 84: 2010 Annual Results Appendices
2010 For personal use only DEXUS Property Group ANNUAL RESULTS APPENDICES DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group